Tertiary Education, Skills and
Employment Minister Steven Joyce has welcomed the release of
new data that compares what students earn after studying
different subjects and at different levels in New
Zealand.

The data is from the new Ministry of
Education report, Moving on up - What young people earn
after their tertiary education, andwas gathered
by matching information from Inland Revenue with tertiary
qualifications data.

“The data highlights the
large variation in earning potential for different types of
graduates, with those studying in in-demand areas earning
the most. This report will be useful for students of all
ages considering their career options,” Mr Joyce says.

“For example, the data shows the top earners with a
bachelors degree are graduates in medicine, earning around
$110,000 per year five years after leaving study. This is
nearly three times as much as a performing arts graduate,”
Mr Joyce says.

“Civil engineering graduates also
obtain a premium in the job market, earning about $67,653 a
year, 48% more than language and literature or sport and
recreation graduates.”

“It’s very clear that
study at higher levels improves your career prospects. I
encourage young people to take every advantage they can of
their tertiary study opportunities to obtain the skills to
compete in the modern world.”

The report also
shows the advantages for people of completing study at
higher levels in terms of both their earnings and their
employment status.

For example:

•
Five years after finishing study, median earnings for young
bachelors graduates are 53% higher than the national median
wage, Masters graduates are 86% higher, and those that
complete Doctorates earn on average more than double (121%
more than) the median wage • Those studying at
higher levels are very unlikely to be on a benefit after
study. For example, the benefit rate for bachelors
graduates five years after study is 2%; while for those who
complete Certificates at Levels 1 to 3 it is 10%.

"Careers New Zealand is releasing a new online tool
tomorrow that allows students to compare earnings by
qualification and field of study,” Mr Joyce. “The tool
will be very useful in considering their study options."

This report on post-study earnings will complement a new
report from the Ministry of Business, Innovation and
Employment on the demand outlook for major occupations in
New Zealand’s labour force, due out in February.

“The choice of study is very much a decision for
students and their families. The Government has committed to
provide better information to assist in making those
choices, for the benefit of students and for the very
significant investment taxpayers make in tertiary
education.

“Over the course of 2013, I will be
asking government agencies to dig further into the data and
produce more information that will help young people make
more informed choices about their careers.”

The
key findings of the Moving On Up: What young people earn
after their tertiary education and two sample tables
from the report are attached.

All statistics related
to young graduates living in New Zealand. The earnings data
are not adjusted for hours worked, so occupants with a high
numbers of part-time workers may appear to be lower-paid
that is actually the case.

Key
findings from Moving On Up: What young people earn after
their tertiary education• Earnings
increase with the level of qualification completed. Five
years after finishing study, the median earnings of young
people who had completed a bachelors degree was 53% above
the national median earnings and 46% above the median for
young people who had gained a certificate at levels 1-3.
• Employment rates increase with level of
qualification gained. For example, in the first year after
study, 56% of young bachelors graduates were in employment
and 38% were in further study. With young people who had
completed a level 1-3 certificate, 37% were in employment
and 48% were taking more study.• Very few
young people who complete a qualification at diploma level
or above are on a benefit in the first five years after
study. The benefit rate is 4% for diploma graduates and 2%
at bachelors level. But it is around 10% for those who
graduated with certificates at levels 1-3. •
Young graduates with bachelors degrees in medicine earn the
most one, two and five years after studying. The median
income for medical graduates is over $110,000 after five
years.• Dental studies and pharmacy bachelors
graduates earn the second highest incomes among young
bachelors graduates after five years, with median incomes of
over $76,100 and $75,100.• Engineering
graduates with an honours degree have median earnings of
$65,000 five years after study, compared with $58,300 for a
bachelors degree without honours.

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